The program gives small businesses and private colleges loans with a 1% interest rate so they can continue paying their workers and covering other costs, such as their utility and mortgage bills. The program ran out of its first round of funding in April, but Congress gave it a $310 billion infusion.
Higher ed associations have been advocating for policymakers to relax the programs’ eligibility requirements so more colleges qualify. “In many cases, our institutions of higher education are major employers, and that’s why these (relief) programs are being set up,” said Sarah Spreitzer, director of government relations at the American Council on Education (ACE).
